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Mysterio owned an office building that was destroyed in an earthquake. The adjusted basis of...

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Accounting

Mysterio owned an office building that was destroyed in an earthquake. The adjusted basis of the building at the time was $890,000. Mysterio received an insurance check for $950,000. He used $900,000 of the insurance proceeds to purchase a new building that same year. How much is Mysterios realized gain, recognized gain, and what is his basis in the new building?

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